rehabilitation and financing amendments

rehabilitation and financing amendments Sec. 216. (a) Section 505(b)(2) of the Railroad Revitalization and Regulatory Reform Act of 1976 (45 U.S.C. 825(b)(2)) is amended— (1) by inserting in the third sentence thereof, immediately after “shall” the following: “evaluate and”; (2) by inserting immediately after “financed” in clause (A) the following: “and the railroad’s rate of return on total capital (represented by the ratio which such carriers net income, including interest on long-term debt, bore to the sum of average shareholder’s equity, long-term debt, and accumulated defended income tax 90 STAT. 2627for fiscal year 1975) as determined in accordance with the uniform system of accounts promulgated by the Commission”; and (3) by inserting immediately alter the third sentence thereof the following new sentence: “Except as provided in the last sentence of this paragraph, the Secretary, in determining the extent to which a project will provide public benefits, shall give the highest priority to projects which will enhance the ability of the applicant carrier or other carriers to provide essential freight services.”. (b) Section 503(e) of the Railroad Revitalization ami Regulatory Reform Act of 1976 (45 U.S.C. 823(e)) is amended by striking out “60” and inserting in lieu thereof “150”. (c) Section 504(b) of the Railroad Revitalization and Regulatory Reform Act of 1976 (45 U.S.C. 824(b)) is amended— (1) by striking out “360” and inserting in lieu thereof “540”; and (2) by inserting in paragraph (A) thereof, immediately after “needs,” the following: “the projected gross national product, the potential demand for rail service and the types of service capable of meeting that potential demand, the potential revenues and costs (including capital costs associated with those revenues), the demand for rail services for which the railroads could compete on an economic basis, the probable sources of funding for the capital costs of providing those services, and which of those costs must be provided by public financing,”. (d) Section 509 of the Railroad Revitalization and Regulatory Reform Act of 1976 (45 U.S.C. 829) is amended by striking out “September 30, 1978” and inserting in lieu thereof “March 31, 1979”. (e) Section 901 of the Railroad Revitalization and Regulatory Reform Act of 1976 (49 U.S.C. 1654 note) is amended by striking out “540” and inserting in lieu thereof “720”.